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$MA$655.92 ▼2.5%
Mastercard Incorporated
WHAT THEY DO
Mastercard runs the payment network that sits between banks, merchants and cardholders: it authorizes, clears and settles card transactions and earns fees on the volume processed plus cross-border and services revenue. It sells network access, value-added services (fraud, data analytics, consulting) and processing to issuers, acquirers and merchants worldwide.
💎 CONVERGENCE PLAY — in 3 themes
Digital PaymentsCash-to-Card ConversionValue-Added Services
PRICE
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REVENUE MIX
Payment Network (domestic assessments & transaction fees)58%
Cross-Border Volume Fees24%
Value-Added Services & Solutions18%
COST
Rebates & Incentives22%
SG&A17%
Op Margin61%
FINANCIAL HEALTH
Reported through Sep 30, 2026
Figures are trailing twelve months (TTM) unless marked otherwise.
REVENUE
$36.3B
Growth
14%
QTR YOY
Gross M.
100%
P/E
34.3
EV/EBITDA
25.4
Net M.
47%
FCF M.
46%
D/E
2.46
LATEST QTR
Op M.
61%
PLUG INTO YOUR DCF
Historical growth
16.5%
Analyst 5y growth
—
Forward P/E
28.3
PEG ratio
1.80
Trailing EPS
$19.10
Forward EPS
$23.20
Multiple compressing
Forward P/E is lower than trailing — earnings are expected to grow into the price.
CAPEX & R&D — LAST 0 FISCAL YEARS (SEC FILINGS)
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TAM
SIZE
~$2.5T global payment flows addressable, ~$40T total consumer spend
CAGR
8%
Global card and electronic payment volume keeps taking share from cash and checks, and cross-border travel spend is a structural grower. Value-added services (fraud, data, consulting) expand the addressable wallet beyond pure network fees and carry higher growth than the core.
RISK ASSESSMENT
HIGRegulatory and legislative pressure on interchange and network routing (e.g. US credit card competition bills, EU/UK caps) could compress take rates.
MEDAccount-to-account and real-time payment rails plus stablecoin settlement could disintermediate card volume over time.
LOWClient concentration and rebate escalation to large issuers/co-brands squeeze net revenue yield.
🐂 BULL
A 100% gross margin toll booth on global spend with 61% operating margins, 46% net margins and 241% ROE, growing revenue 14% and compounding value-added services faster than the core network.
🐻 BEAR
At 35x earnings and 25.7x EV/EBITDA with a 99x book multiple, the stock already prices in durable double-digit growth; any regulatory hit to interchange or routing, or a consumer spend slowdown, leaves little valuation cushion.
EARNINGS
EPS · Q3 2026
Beat ✓
REVENUE
Beat ✓
MANAGEMENT TONE
BearishBullish
🔗 IMPACT ON YOUR THESIS
Cross-border travel and spend recovery drives high-margin volume fees
On Track→On Track
Cross-border volume growth stayed in double digits, supporting the highest-yield revenue line.
Value-added services grow faster than network and lift blended take rate
On Track→On Track
Services and solutions again outgrew the core network, reinforcing the mix-shift thesis.
Regulatory risk to interchange/routing remains contained
Watch→Watch
No new adverse rulings this quarter, but legislative proposals remain live in the US and EU.
AI-powered data, computed by TreasureX · May contain inaccuracies
⚠️
All values, scores, and figures here are computed from your own assumptions and public data, for educational purposes only. This is not investment advice — TreasureX does not recommend buying or selling any security. Results change with your inputs. Please do your own research and use your own judgement before making any investment decision.